Trump Supporter Calls to Apologize and Forgive: 'You're My Fellow Brothers.'

November 09, 2016

Writer

Following a bloody and divisive 2016 election season, Glenn looked for ways to begin healing on Wednesday, the day after Donald Trump's historic win.

"I want to hear how you're feeling today, and if you want to gloat, it is gloat fest. If you want to gloat, feel free to call us," Glenn said, encouraging listeners to call in.

Glenn took two calls from two very different listeners.

Reese from Pennsylvania called to compliment Glenn and crew on their election night coverage.

"I think last night's room was a really great microcosm of what a lot of rooms in America were last night, that we may disagree on policy, but we agree on principle. And we can get there together," Reese said.

Nate from Virginia, a Trump supporter and previous caller, approached things from a different angle.

"I want to tell you guys, after last night and early this morning, there was a burden that's been lifted off me. I don't hate you guys anymore," Nate said.

Nate took it one step further, apologizing for his hatred and identifying how to start rebuilding the nation together.

"We're going to start with the Constitution. And I know you guys were behind that 100 percent, so let's start there," he said.

Read below or watch the clip for answers to these unifying questions:

• What did Reese praise Tomi Lahren for?

• Where can Stu and Tomi find common ground?

• How did Nate describe his last call to The Glenn Beck Program?

• Which presidency compares to the difficulty Trump will face?

• How did Glenn respond to Nate's heartfelt apology?

Below is a rush transcript of this segment, it might contain errors:

GLENN: I want to take -- I want to take some of your phone calls. We want to get into his acceptance speech here in a second. But I want to hear how you're feeling today. And if you want to gloat, it is gloat fest. If you want to gloat, feel free to call us. We'll even play the song for you.

Reese in Pennsylvania. Hello, Reese. Oh, Reese is gone.

Are you there, Reese?

CALLER: I am. Can you hear me?

GLENN: Oh, hi. Yes, I can.

CALLER: First of all, thank you, guys. All of you, for everything you did last night.

I hung in there with you until about 2:30.

GLENN: Wow.

CALLER: And really appreciate everything you guys did.

PAT: Nice.

CALLER: Second of all, I wanted to give a lot of props to Tomi Lahren. It was obvious that she was sort of the odd man out in the room last night at least.

PAT: She was outnumbered. There was no question. She was outnumbered.

CALLER: At least at the beginning. And you talk about gloat fest, she had every opportunity to, "I told you so," to every person in the room, and she didn't.

You know, before this election, before last night's coverage, Tomi wasn't really on my radar. I was -- I'm 38. I'm not a millennial or at least I don't identify with millennials. And seeing her last night and keeping her poise and keeping her professionalism and moving forward -- I think last night's room was a really great microcosm of what a lot of rooms in America were last night, that we may disagree, but -- on policy, but we agree on principle. And we can get there together.

GLENN: We -- I tell you --

CALLER: So thank you for that.

GLENN: Honestly, at TheBlaze -- TheBlaze programming management, they even thought of at one point not doing election coverage because they said everybody is too divided. And our case was, "No, no, no. That's exactly what it should be. It should be --

PAT: Because the that's where America is.

GLENN: Yeah, that's where America is. A group of people coming together and saying, "We got to work this out."

CALLER: Exactly.

GLENN: At times, it was tough to do, tough to even endure. And I don't know if it was tough to watch. But it was -- it was one of the more tough things I've ever had to do.

CALLER: And I'm really glad, Glenn, that somebody at some point finally got Tomi a blanket. You could see on television how cold that poor thing was. I've been married long enough to know when it's cold --

STU: Look, Tomi and I have not agreed on everything as we go to the election obviously, but I mean, I fully agree with her opinion on how freaking cold this room is. We can unite right there.

JEFFY: Once the results came in, she seemed to be warmer.

PAT: She and Sarah Gonzalez were both just out of their minds cold last night. Sarah was like, "I can't feel my hands. I've lost all feeling in my --

CALLER: But thank you guys very much for you do.

GLENN: Thank you very much. I appreciate it.

CALLER: This is where the unity begins, and you guys are doing it in true form. Thank you.

GLENN: Thank you very much. I appreciate it. Last night -- you know, what are the things we all did? And I don't know about -- well, Stu drank. You didn't play your guitar. You brought your guitar in --

PAT: It's just -- it's too loud. And so I couldn't -- I didn't know where it fit.

GLENN: Okay. I painted the night.

PAT: Painting was much quieter.

GLENN: Yeah, it was very quiet. But I have to tell you, it's what got me through. I said to everybody yesterday, whatever you have to do to relax --

JEFFY: I had to watch my porn on mute, but I made it through okay.

(laughter)

GLENN: Yeah. Right. And you were very relaxed. You didn't say anything, except, "Oh, yes," a few times, which was disturbing when we were reading the election results.

PAT: Creepy.

GLENN: But strangely, it kind of worked for a lot of people.

JEFFY: Yeah.

GLENN: Let me go to Nate in Virginia. Hello, Nate.

CALLER: Hey. Hey, how are you guys doing this morning?

PAT: Good.

CALLER: I'm listening to WLNI 105.9. They carry you guys.

GLENN: Yes. Thank you.

CALLER: Listen, can I tell you something? I'm a -- well, I was a Trump supporter. I called you maybe four months ago because you were inviting Trump supporters to call and explain themselves. And we had a long conversation.

GLENN: Yes.

CALLER: I was perhaps, if you remember, the gloomiest conversation you've probably ever heard.

STU: That's a challenge on this show.

GLENN: Yeah.

CALLER: Right. Yeah. I know.

GLENN: Those don't stand out.

CALLER: I hated you guys for a long time now.

GLENN: You hated us?

CALLER: Hated us -- hated you guys. You know, I'm a conservative person.

PAT: Because of Trump?

CALLER: Yeah, because of everything that happened.

I want to tell you guys, after last night and early this morning, there was a burden that's been lifted off me. I don't hate you guys anymore.

STU: That's awesome.

CALLER: I understand you guys. Even though I didn't want to listen to you guys, I still did, like an idiot. And that made me even angrier.

GLENN: So what happened today? What happened today?

CALLER: It was like when I got saved, to be honest with you.

PAT: Well, Trump won, right?

CALLER: Something came and took away all that hatred inside of me that I had for you guys, and it's released, and it's gone. And I don't have any other explanation for it. I know where you stand. I know everything about you guys, but you're my brothers. You're my fellow brothers. We're conservatives.

And I'm sorry. Can I apologize to the listener, to you for hating you? Because all's it did was hurt me in the end, you know what I mean?

PAT: Yeah.

STU: Wow.

GLENN: Wow. Nate, this is the nicest call --

CALLER: And I just want to let you guys know that I love you, and we're going to build this nation again.

GLENN: We are.

CALLER: And we're going to start with the Constitution. And I know you guys were behind that 100 percent, so let's start there. And let's worry about the problems when they come. This is -- I pity Donald Trump because he's got a lot on his plate and he's got to come through for us, you know. He's got to.

STU: It's a tough job.

GLENN: I will tell you, this is going to be the hardest job any president has had possibly since Abraham Lincoln.

CALLER: Yeah, no, it's going to be rough.

GLENN: This is going to be a difficult four years.

STU: That was a great call.

PAT: Yeah, thanks.

STU: That was awesome. Thank you for doing that.

GLENN: Nate, can't thank you enough. Thank you. Thank you. And apology accepted. And our apologies to you if we did anything that -- that caused you to hate. Caused you to hate. That happens.

STU: Oh, there's lots of -- people hate us all the time for real, legitimate reasons all the time.

GLENN: Yeah, I hate these people who like have seen one clip of me on YouTube and hate me.

PAT: And that's not the case here.

GLENN: He's watched me for a while. Listened to me for a while. Come up with some good reasons.

JEFFY: You can build up some serious --

GLENN: Yeah, no. You can have a really legitimate case to hate me.

STU: And, by the way, you played the clip earlier. That -- to me, that's what this means. This is -- when you have a president -- there's a lot of things we've said about Donald Trump and things I believe are real negatives. And I'm a skeptic going into this. However, with every president, left, right, Barack Obama, you get a clean slate when you go into that job. Because you're trying to analyze what a president will be, you have to look at their past and what they've done. That's how you do it. But there's no reason to look at that once they get into office. You judge them on the job they've done.

GLENN: It is a complete -- in fact, may I suggest this? Would you, in our audio archives, Pat, will you go and delete every negative thing on Donald Trump, everything that he said during the campaign --

PAT: Yeah. As soon as the show is over, I'm going to do that today.

GLENN: Yeah, delete it. Delete all. It's a clean slate. We start with the man he is today. And there's -- and I can't -- Nate, thank you for that call. It means the world to us. It really does. But let me -- let me say this, the ones we really need to reach out to are the people who are truly afraid today. They really, truly believe that Donald Trump is going to be the death of us.

Now --

PAT: And we believed that about Obama.

GLENN: Yeah. And, quite honestly --

PAT: To the very depths of our being.

GLENN: Quite honestly, if it wasn't that I have weathered Barack Obama, I would be saying the same thing today about Donald Trump.

PAT: Yeah.

GLENN: I -- I have my issues that everybody knows. However, clean slate. We will survive -- we'll survive anybody. We will, if we stay together.

Don't dismiss those people who are afraid. Don't allow yourself to be dragged into what we just went through. Because, listen, what did we just go through? We just went through a year where, listen to what he just said, "The only one who lost was me." In many ways, I feel the same way: The only one who lost was me. Because we couldn't even talk to each other anymore.

I want you to listen to next hour. Because I want to tell you a story about my grandmother. And I want to tell you a story about --

PAT: Plutarch?

GLENN: You're such a jerk. Somebody else's family that missed 20 years. Somebody -- Ronald Reagan.

I want to tell you a story about Ronald Reagan that you need to hear today. Because it's happened in my family with me and my grandmother, and I so regret it.

I think of my grandmother Beck, who my grandfather Beck was not a good guy. And I was not close to him at all. And I -- I was spooked by him, quite honestly. Didn't like him.

But my grandmother was sweet. And my grandmother, quite honestly, was an abused woman. And I didn't know that.

PAT: Hmm.

GLENN: And my grandmother, when she would see me -- the only real memory I have of my grandmother is, A, reading to me, which nobody used to read to me when I was a kid. My mom didn't read to me, my dad didn't read to me. My grandmother did. And only my Grandma Beck. And the other was, she had a lot of grandchildren. But I was the only one that she would bake a pie for when I would come over.

If I was coming, she would make lemon merengue pie, and it was just for me. And she made the best lemon merengue pie. My grandmother died asking, "When will Glenn come and visit me?"

I didn't because of my own stupidity and fear and history and awkwardness because it became too late and I didn't know how to say it and I didn't know what to do. And I so regret it.

Let me share a story of another broken family that you will -- we're not a country. We're family.

And I always say, "Well, it's blood. You're born into it. And you don't choose your family." Yes, you do. I chose. I chose. And I chose incorrectly.

You can stop calling your brothers and sisters and stop seeing your brothers and sisters and stop going to -- but you go usually -- you go because you know you have to. Because in the end, we're family.

We have to choose today. Are we family? Or are we people that just live in the same planet in the same space at the same time?

Let's choose family.

Featured Image: The Glenn Beck Program, November 9, 2016.

THESE 19 states joined Desantis' alliance against ESG. Here are their 2 main goals.

On Monday, Biden exercised his veto powers for the first time to strike down a bill that would ban states from taking ESG into consideration when investing state pension funds. In his veto message, Biden said:

Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense.

At the risk of using the loaded word "gaslit," it continues to be the operative word in describing the policies coming out of the Biden White House. It is painfully obvious that ESG itself inhibits investors from "maximizing financial returns." That was never ESG's goal in the first place. Yet Biden said the opposite.

ESG aims to incentivize investors to make "socially conscious" (a.k.a woke) investments, even if they are at odds with the greatest return on investment. It has enabled state governments and investment firms to use their monopoly over the investment space to force companies to choose between adopting their woke ESG standards and losing critical investment. Isn't there a word for that? Extortion? Or modern-day politics?

ESG enables state governments to force companies to choose between adopting their woke ESG standards and losing critical investment.

That is the sole reason why Republicans brought the bill to his desk in the first place: As Glenn said, "ESG poses a clear and present danger to the American way of life, the soul of our nation and every sector of our economy. ESG was never about ROI. It was always about pushing a leftist agenda.

And Biden knows this.

Why would he want to give up something that enables his political party and corporate elites to control and manipulate the political affiliations of their people? Who would want to give up that power? Biden certainly doesn't.

And he didn't.

Instead, he boldly asserts the exact opposite: that ESG itself "maximizes financial returns," relying on the divided American people to debate the policy into oblivion, while he gets exactly what he wants: the retention of power over the American consumer. Dare I say again that "gaslit" is the operative word here?

If one thing is clear, it is that we cannot rely on the federal government to act in the best interests of the American people. However, in this critical moment, the state governments are stepping up to do what the federal government refuses to: protecting the rights of the American consumer.

In a joint resolution led by Florida Governor Ron Desantis, 19 states have pledged “to protect individuals from the ESG movement" at the state level. This is critical.

We cannot rely on the federal government to act in the best interests of the American people.

Florida leads Alabama, Alaska, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, West Virginia and Wyoming in signing the historic policy agreement among all 19 states, pledging to ban ESG practices within their jurisdictions.

The anti-ESG alliance calls ESG what it is:

A direct threat to the American economy, individual economic freedom, and our way of life, putting investment decisions in the hands of the woke mob to bypass the ballot box and inject political ideology into investment decisions, corporate governance, and the everyday economy.

This alliance takes aim at two specific practices used by left-leaning states to force companies to adopt ESG-approved practices.

First, the alliance promises to protect "taxpayers from ESG influences across state systems."

While other states are using YOUR taxpayer dollars to fund pro-ESG corporations, these states pledge to BAN this practice to ensure "that only financial factors are considered to maximize the return on investment."

The chief factor behind any investment should be determining whether that investment yields the maximum return on their investment. However, many states are using YOUR taxpayer-funded pension and retirement funds to invest in ESG-approved businesses. This not only forces businesses to consider adopting ESG standards in hopes of obtaining investment. Moreover, states are using YOUR taxpayer dollars to fund them! Would you want your government to invest your hard-earned money for partisan purposes?

The anti-ESG alliance is taking the politics out of investment and putting consumer power back in the hands of the American people. These state governments pledged to make investment decisions based solely on maximizing the return on investment, not in using your taxpayer dollars to fund their political agendas.

Second, the alliance promises to protect "citizens from ESG influences in the financial sector."

ESG standards force businesses to consider the political leanings of their customer base. For example, Discover announced they will begin tracking its customers' gun-related purchases. One of the leaders behind this push is Amalgamated Bank, which boasts on their website that their institution "supports sustainable organizations, progressive causes, and social justice." Amalgamated Bank CEO Priscilla Sims Brown said:

We all have to do our part to stop gun violence and it sometimes starts with illegal purchases of guns and ammunition The new code will allow us to fully comply with our duty to report suspicious activity and illegal gun sales to authorities without blocking or impeding legal gun sales.

This virtue signaling at the cost of your privacy is earning both Discover and Amalgamated ESG brownie points.

There are countless stories of Americans, like YOU, getting locked out of their bank accounts, dropped as clients, tracked and targeted, all because their personal political beliefs don't align with big corporations' ESG goals. Their individual privacy and dignity as a consumer aren't worth the risk of lowering the company's ESG score.

That's why the anti-ESG alliance is pledging to protect the residents in their states from this corrupt ESG exploitation. The alliance promised to ban "so-called social Credit Scores' in banking and lending practices aimed to prevent citizens from obtaining financial services like loans, lines of credit, and bank accounts."

They also promised to stop "financial institutions from discriminating against customers for their religious, political, or social beliefs, such as owning a firearm, securing the border, or increasing our energy independence."

In short, they have targeted the political extortion hidden behind the virtuous ESG veil to protect citizens from being discriminated against based on political affiliation.

It's time to step up.

Biden may have struck down the effort to restore the freedom of the American consumer at the federal level. However, these states are taking it upon themselves to do what they ought: to ban practices that threaten the freedoms and privacy of their citizens.

If your state did not joining the anti-ESG alliance, it's time to demand that they step up and do their job to protect you and the rest of your fellow citizens from corrupt ESG practices. As Glenn said, "The conservative movement is best when it moves in unison." We must act and unison and push our states to protect our economic freedom and our way of life.

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THESE 12 Republican states are smuggling digital currency through THIS sneaky bill

Dem10 | Getty Images

Editor's Note: Arizona House Bill HB2770 has since been shut down! AZ Rep. Rachel Jones tweeted that the AZ Freedom Caucus shut down the bill before it could reach the board. It is encouraging to see states stepping to protect the American people from getting one step closer to a Central Bank Digital Currency. Hopefully, Arizona will be a precedent for the other states!

This gem was buried in a 113 page bill pushed by a lobbyist through one of my clueless colleagues. It passed out of the Commerce Committee, but then @AZFreedomCaucus blocked it from even going on the board. @glennbeck you'll be happy to know we killed it.
— AZ Representative Rachel Jones (@RJ4arizona) March 17, 2023

On today's radio broadcast, Glenn warned about dangerous Central Bank Digital Currency (CBDC) language being smuggled into routine legislation in REPUBLICAN-led states. This is unacceptable, and as Glenn said, we can't let this legislation pass as it now stands.

The legislation being used to smuggle in this CBDC language is the Uniform Commercial Code (UCC), a routine piece of legislation passed on the state level that helps standardize commercial and business transactions. However, a new round of UCCs being deliberated RIGHT NOW amongst a swath of Republican-led states anticipate the use of "electronic money." In a public letter sent to the Republican states currently deliberating this legislation, the Pro-Family Legislative Network said this can only refer to the Central Bank Digital Currency (CBDC) under consideration and testing by the Federal Reserve. Biden's Executive Order 14067 issued in March of 2022 started the push for CBDC, and now these states, knowingly or unknowingly, are laying the legislative groundwork for making CBDC a reality.

There is absolutely no reason why Republican-led states should aid in laying the foundation for CBDC, yet 12 of them are deliberating it RIGHT NOW, with one UCC bill already on one GOP governor's desk! We have to act NOW to stop these UCCs in their tracks and demand our lawmakers amend the bills without the "electronic money" language.

If your state is listed below, contact your representative NOW to put an end to CBDC language.

1. North Dakota

North Dakota House Bill HB1082 passed BOTH chambers and is now sitting on Governor Burgum's desk. Burgun has 3 DAYS to veto this bill once it's placed on his desk—if not, it will pass automatically. If you are a North Dakota resident, it is absolutely CRUCIAL that you contact Governor Burgum's office NOW and demand that he veto this bill and re-introduce it without the "electronic money" language.

2. Arizona

Arizona House Bill HB2770 has been SHUT DOWN! See the above editor's note for more details.

Arizona House Bill HB2770 passed the House majority and minority caucuses. Arizona residents, contact your representative's office NOW so that they amend this bill without the "electronic money" language.

3. Arkansas

Arkansas House Bill HB1588 is in committee, and if passed, will head to the House floor. Though the bill is only in its beginning stages, it's important for Arkansas residents to stop this bill in its tracks and amend it without the "electronic money" language.

4. Missouri

Missouri House Bill HB1165 is also in its beginning stages in committee. That means it's important to contact your representative as soon as possible to amend it without the "electronic money" language.

5. Oklahoma

Oklahoma House Bill HB 2776 passed the House Committee and will go to a chamber vote soon. If passed, it will go to the Senate, then the governor's desk. If you are an Indiana resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

6. Indiana

Indiana Senate Bill SB0486 passed the Senate and is headed to the House. Republicans control Indiana's executive office and BOTH chambers of the legislature. There is no excuse for this bill to pass. If you are an Indiana resident, it's vital you contact your representative NOW and demand they amend this bill without the "electronic money" language.

7. Kentucky

Kentucky Senate Bill SB64 passed the Senate and is now being deliberated in the House. If you live in Kentucky, contact your representative's office to amend the bill without the "electronic money" language.

8. Montana

Montana Senate Bill SB370 passed the Senate and was sent to the House on March 3rd. If you are a Montana resident, contact your representative's office NOW so that the bill doesn't without changing the "electronic money" language.

9. Nebraska

Nebraska's Legislative Bill LB94 passed committee and the first floor vote. As Nebraska only has one legislative chamber, this bill is dangerously close to passing the legislature and being sent to the governor's desk. If you are a Nebraska resident, contact your representative's office NOW and demand they amend the bill without the "electronic money" language.

10. New Hampshire

New Hampshire House Bill HB584 is currently in House committee deliberations and has not yet reached the House floor. If you are a New Hampshire resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

11. Tennessee

Tennessee House Bill HB0640 didn't successfully pass the House. However, it was deferred to a Senate committee and has now taken the form of Senate Bill SB0479, which is now in committee. This bill is still alive, and it's important for you, Tennessee residents, to stop it before it reaches the floor! Contact your representative to amend the bill without the "electronic money" language.

12. Texas

Texas House Bill HB5011 was filed and is ready to be taken up by committee. Fellow Texans, let's not let this bill progress any further! Contact your representative and demand they amend the bill without the "electronic money" language.

6 things you NEED to know about the Silicon Valley Bank collapse

NurPhoto / Contributor | Getty Images

Silicon Valley Bank's collapse is sparking traumatic memories of the 2008 financial crash. Should we be worried SVB is signaling a similar economic catastrophe, or is everyone overreacting to the media's hype? Glenn told his listeners to be "healthily terrified." This event is sure to have ripple effects throughout the economy, but the more you are informed about it, the more you can prepare. Here are 6 things you need to know about Silicon Valley Bank's crash—explained in simple words.

1. The short answer to what happened: SVB didn't have enough money to pay its depositors.

Remember the scene from It's a Wonderful Life when all of the residents make a run on George Bailey's bank demanding their money? Fortunately for them, their money was in the altruistic hands of George Bailey, who used his honeymoon savings to give the depositors the money they demanded.

Silicon Valley Bank's depositors weren't so lucky.

In short, the depositors made a run on Silicon Valley Bank, demanding the withdrawal of their money. But SVB simply didn't have the liquid money available to give their depositors, causing regulators to shut down the bank shortly afterward.

2. It all started with COVID...

Why didn't SVB have enough money for its depositors? To explain this, we have to go back to the pandemic era.

The pandemic saw a rapid decrease in spending and a massive increase in bank deposits. Due to the uncertainty of the future and lockdowns limiting ways to spend money on recreational activities, like restaurants, bars, and other outlets, many Americans stocked up money in their accounts. In fact, SVB's deposits doubled in 2021 alone, bringing in more money than they could lend out to their clients.

To make a return on their available cash, SVB wanted to invest it, as many banks do. Since they had reached their lending limit, they decided to invest it in U.S. Treasury Securities, which are the government's means of funding itself without using taxation (in a nutshell). These are considered "ultra-safe" investments because they are backed by the "full faith and credit of the federal government."

Unlike other forms of investments, investing in Treasuries means the government will do everything within its legal power to pay back the money used to fund itself. In other words, it is typically very safe... so what happened?

3. Then came the magic cocktail—record-high inflation and rising interest rates...

Interest rates ruined the typically "ultra-safe" investment. Due to 40-year record-high inflation, the Fed lifted rates eight times by a total of 4.25 percentage points in 2022, raising interest rates from 0.25 percent to 4.375 percent. This means the value of U.S. Treasuries investments plummeted rapidly. SVB reported that it lost $1.8 billion due to the decreased value of its Treasuries investments after a year of rising interest rates.

This raises the following question: why didn't SVB just weather the storm and wait for interest rates to decrease? There are two issues with this. The first is that, with so many of their assets held up in Treasuries investments, SVB still wouldn't have enough liquid assets to give their depositors during the bank run.

The second issue is that Treasuries investments have a ten-year limit. In 2021 during the Trump administration, interest rates were at an all-time low of 0.125 percent.

The record-fast increase of interest rates in 2022 caused very little chance for rates to go back down to their historic 2021 lows within ten years for banks to make their money back on their investments.

To avoid this, SVB planned to sell their investments at a loss and re-purchase Treasuries investments at the decreased value, giving them an extra ten years to bet on decreased interest rates in the future.

But people caught on to SVB's plan and didn't want to ride with the risk.

4. Account holders withdrew their money... FAST.

As aforementioned, SVP lost $1.8 billion when it sold its depleted Treasuries investments. While they were betting on being able to re-purchase the devalued securities, hoping that they would go up in value in the future with lowered interest rates, investors were worried about the risk.

Once they made the announcement of their $1.8 billion loss, their stocks began to drop, and venture capitalists warned the companies they invest in to pull out of SVB. This had a snowball effect, leading to a "bank run" of depositors demanding to withdraw their money from their SVB accounts.

This led to the perfect storm: SVB's investment losses coupled with the influx of withdrawals were so immense that regulators had to step in and shut the bank down to protect depositors. The government currently "running" SVB, for all practical purposes, is the Federal Deposit Insurance Corporation (FDIC). The FDIC closed SVB on Friday and reopened the bank on Monday, March 13th as the Deposit Insurance Bank of Santa Clara.

5. Some people may lose their money.

Banks insure accounts with $250,000 or less with FDIC insurance. That means, in cases of bank failure, exactly like this one, the FDIC covers all accounts less than $250,000. The FDIC said SVB customers who had less than $250,000 in their accounts will have access to all of their money when the bank reopens. Since it reopened this week, they should have access to their funds.

However, many of SVB's depositors had more than $250,000 in their accounts—it is Silicon Valley after all. Therefore, their accounts were not covered by FDIC insurance. Will they get their money back? There is a chance that they will not.

It is unclear how much SVB currently has to cover uninsured deposits. It is likely not enough. The FDIC has issued a "Receiver's Certificate" to the uninsured account holders with the amount in their account that is not covered by FDIC insurance.

The FDIC said it will pay some of the uninsured deposits by next week by liquidating any additional assets held by SVB. However, if the liquidated assets are not enough, many of SVB's uninsured account holders could lose their money for good.

6. Is this 2008 all over again?

SVB's collapse was the largest bank failure since 2008, when Washington Mutual failed with $307 billion in assets. Its failure, along with the collapse of the Lehman Brother's investment bank, triggered the worst financial crisis since the Great Depression. Are we in danger of repeating 2008?

Some argue that we are not in danger of another economic catastrophe, simply because SVB holds less than 1 percent of the nation's assets. However, as Glenn warns, there is a danger of banks repeating the same mistakes as SVP.

SVP wasn't the only bank to use its surplus deposits to invest in U.S. Treasuries, which means that other banks are wrestling with the depleted value of their securities investments due to rising interest rates.

Bank of America, for example, lost $109 billion in their securities investments due to rising interest rates, the most among its peers—and Bank of America is no small fish in the ocean of assets.

Other major banks recorded other massive losses in their securities investments due to rising interest rates. JP Morgan Chase lost $36 billion, Wells Fargo lost $41 billion, Citigroup lost $25 billion, and Goldman Sachs lost $1 billion. If the little banks collapse, will they get the same effort and attention from the federal government as the "big guys?"

The critic may argue that these are still small values given the incredibly large amount of assets held in banks nationwide. However, this is missing the point. Major banks have majorly invested in securities since the pandemic-era skyrocketing rate of deposits. Now those investments are depleted in value.

They can either sell those investments at a loss, or they can wait and hope that they will recover over time. However, if those investments are no longer liquid, what happens when their depositors come knocking? Will they have enough liquid assets to cover a massive bank run? These are the lingering questions that our banks need to address.

As Glenn says, this will impact you—it is only a matter of time. What will you do to prepare?

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